Gross profit also rose 8% to $811.3m, while full year net profit steadied at $525.4m
Aldar Properties, the Abu Dhabi-based property developer, has reported a strong financial and operating performance in 2020, driven by record annual development revenue and increased income from the management of government infrastructure contracts.
In a statement announcing its results for the financial year 2020, Aldar said that revenue grew 17% to hit $2.28 billion, driven by record development business performance. Gross profit also rose 8% to $811.3 million, while its full-year net profit steadied at $525.4 million.
On the solid performance, Chairman Mohamed Al Mubarak said: “Abu Dhabi has successfully navigated the considerable challenges of the global pandemic and is now moving into recovery.”
“A rapid and globally pioneering approach to promoting health and safety has been backed by the emirate’s financial strength and the government’s proactive support of our communities. This effective combination has underpinned the long-term fundamentals of the economy and sustained investor confidence in the real estate sector,” he noted.
During this critical period, Aldar has reinforced its position as the trusted partner for public-private collaboration on strategic real estate and infrastructure investment, stated Al Mubarak.
“I am proud that Aldar’s robust balance sheet and best-practice governance ensure that the company will be an important driver of Abu Dhabi’s growth in the coming years,” he added.
Group CEO Talal Al Dhiyebi pointed out that Aldar’s powerful performance in 2020 had set the tone for a new phase of sustainable growth.
“We have adopted a new operating model to propel the company to the next level in terms of scale and breadth of activity and to meet our ambitious sustainability targets. This will involve a major programme to accelerate the recycling of capital and to invest in expansion,” he noted.
Aldar, he stated, was the trusted partner in the transformation of Abu Dhabi’s real estate sector, in alignment with the emirate’s plans for investment and economic diversification.
“We are highly appreciative of the government’s decisive management of the COVID-19 challenges and its leadership in setting a clear ambition for recovery and future growth,” he concluded.